Set Up a Concerts, Sports, Magic Show or Events Business in the UK
3E Accounting takes a look at how to set up concerts, sports, magic show or events business in the UK.
The events sector in the UK is a buzzing, vibrant and trendsetting industry worth billions. Pre-pandemic statistics show that approximately 85 million people attended events in the UK. More than a million people work in this sector, which contributes GBP70 billion to the economy. Society certainly thrives on events, which can range from a huge business conference to a quiet book signing. Here’s what you need to know on how to set up concerts, sports, magic show or events business in the UK.
An Eventful Business
Managing and organising events as a business can be quite exciting as well as challenging. Each event is unique and requires an adaptable skill set that can handle multitasking on a very high level. Hence, before you start your events company, get your business plan written up. Check out the competition, consider coming up with a niche business model and ensure you have reliable financial forecasts done. It is important to be well-versed with the industry. Gaining experience and building up a good network of contacts first would not be amiss.
The great thing about running an events company is flexibility in setting up your business vehicle. You can be a one-person show, a partnership, or a bigger concern such as a limited company. You have the flexibility to work from home or choose to rent a desk or serviced office space. All you really need is a brilliant website and domain name, a bank account with secure e-payment options and good contacts.
Business solution firms such as 3E Accounting offer customisable packages that enhance this flexibility. You can be up and running within a day, provided all the paperwork is in hand. Due to the nature of the business, it is advisable to consider investing in some insurance such as public liability insurance. It is also crucial that you get to know industry regulations like the back of your hand. Approvals and permits vary according to the area and the type of events.
The UK Government website on licensing provides guidance on permits and approvals. Generally, if it is a regulated event, some form of approval will be needed. Indoor sporting events, playing of recorded music, public dancing, etc., all may fall under this category. Other approvals include a license to sell alcohol, premises or club license and most importantly, a temporary event notice permit. It is advisable to check with your local council or authority before planning any such events to ensure full compliance.
For example, playing recorded music even in the background will require a Music Licence from PPL PRS Ltd, the UK’s music licensing society. If you’re planning on holding a sporting event, then you will need a safety certificate. Magic shows, on the other hand, will depend on whether it’s a street show or a private event. Any event that plans to collect money or sell goods on the street will need a street collection license and other approvals.
Getting started in this industry doesn’t have to be a daunting task. Knowing how to set up a concert, sports, magic show or events business in the UK is just the first step. Engaging professional company formation experts is the next. Here at 3E Accounting, we offer bespoke solutions for all your business needs. Contact 3E Accounting today to get started on making your dream business venture a reality.